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13 March 2019 | Story Xolisa Mnukwa
financial savvy
Over 60% of South African students are in debt and spend more than the average South African adult.
For many students, university is their first money-management experience, and it is therefore crucial for them to prioritise basic personal-finance knowledge in order to avoid poor money management, and not knowing where their money is going.

Various other educational institutions, facilities, and initiatives such as Student Connections highlight student financial wellness as a topic of importance at higher-education institutions, because of the following reasons:

1. Low retention rates (university dropouts)
2. Loan default (graduating with student-loan debt)
3. Financial hardships affecting future success (low academic performance)

According to LinkedIn, a business and employment-oriented service, the spending and saving habits you develop in college are likely to stick with you throughout your adult life.

A personal finance study conducted by University of the Free State (UFS) Economics and Finance Lecturer, Cecile Duvenhage, revealed trends on how much students spend, and what they spend it on. Her outcomes discovered that students believe money buys them worthwhile experiences; it also revealed that over 60% of South African students are in debt, spending more than the average South African. 


According to Duvenhage, the best way to optimise your use of money is to understand three things:

1. The psychology of money – relationship with money, your goals (reality, beliefs, perception, experiences, repeated messages)

2. The science of money – where is your money? What are you using it on, and how to make more (investing, savings, assets, liabilities, expenses, and income/pocket money)

3. The art of money – creating a financial game plan to stay afloat (knowledge, context, personal goals, game plan)

The Guardian website also highlights important tips for managing your money:

- If you’re struggling to manage your personal finances, ask for help. The earlier you get support, the less susceptible you are to overspend 

- If you have financial aid, be sure to complete and send back your signed agreements in order to avoid delays in obtaining your money

- Add up your income, and then deduct all your essential expenses.

- Essential expenses include: tuition fees, rent/accommodation, electricity, and other accommodation expenses, groceries/food, and travel costs

The article, 6 common money management mistakes college students make, advises students to “live within your means, and [to] make choices based on the money that you have available.” 

The article further recommends that students download a free, easy-to-use budgeting app such as Fudget: Budget Planner or Intuit Mint on their cellphones, which automatically creates a basic spending plan to personalise according to their means.

For enquiries or assistance with money management, contact finaid@ufs.ac.za 

News Archive

UFS Music rises to academic prominence
2007-10-18

 

From the left are: Ronella Jansen van Rensburg, Hanna van Schalkwyk, Elene Coetzer en Lizabé Lambrechts
Four postgraduate students gave prominence to the Music Department of the University of the Free State by having four academic articles published by accredited journals, and a fifth published in an international online journal.

It is the first time that a tertiary music institution in South Africa has had so many postgraduate studies published in one year, says Prof Martina Viljoen.

The students who worked under Prof Viljoen's supervision are Hanna van Schalkwyk, senior lecturer in singing at UFS; Ronella Jansen van Rensburg, part-time music lecturer and founder of the Sentraal-Kultuurakademie (Central Culture Academy); Elene Coetzer, also a part-time lecturer and involved in the Mangaung String Project; and Lizabé Lambrechts, who is still studying full-time.

Hanna and Ronella attained their master's degrees and Lizabé honours.

Hanna's research on the unique and at times unorthodox philosophy in singing and method of the pedagogue in singing Sarie Lamprecht (1923-2005) is published in the Tydskrif vir Geesteswetenskappe (Journal for the Humanities).

The study documents interviews held with Lamprecht over more than two years as well as conversations with her most prominent students.

Ronella's study on the relationship between emotional intelligence and musical performance anxiety is divided into two successive articles in the journal Musicus.

Dr Adelene Grobler, Epog director at UFS, was Ronella's co-supervisor.

Elene conducted a qualitative investigation into the Mangaung String Programme in which the social value of this teaching programme is emphasised.

She documented the responses of learners, parents and teachers who are involved in the project. Her article is published in the Journal of the Musical Arts in Africa.

Lizebé reached out to pop culture for her research and wrote about no less a person than the controversial shock-rock-icon Marilyn Manson.

Her study serves as a model analysis for educational work that focuses on popular culture as a didactic instrument.

In this respect Manson's music, which is frequently slated as vulgar or disturbing, is shown as aggressive social comment.

Lizabé's article, which throws light on Manson's bisexual identity, was published as a full-length monograph in the first edition of the overseas online noncejournal.

In 2005 the Department of Music also excelled when it was the first academic music institution in South Africa that published international congress proceedings as a subsidised collection.

The collection contained eminent international authors and was published under the guest editorship of Viljoen.

Die Volksblad – 1.10.07

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